Qualified Income Trusts (Miller Trusts)
The Coleman Law Firm, PLLC, can assist you in the preparation of qualified income trusts (Miller Trusts), often referred to as a QIT, either as a stand alone trust, or as part of an overall Medicaid spend down plan.
What Is The Purpose Of A QIT?
A QIT will allow you or your family member to qualify for Medicaid benefits to pay for skilled nursing home costs regardless of whether your income exceeds the income cap established for Medicaid eligibility. The income cap for Florida was $2,313 per month as of 2019.
What Can You Do If Your Income Exceeds The Cap?
If you or your family member, who is living in a skilled nursing facility, has income in excess of that amount, a QIT must be established so he or she can qualify for Medicaid nursing home benefits to help pay for the cost of long-term care. For the purpose of determining whether you qualify for Medicaid benefits for nursing home care, the state of Florida includes indemnity payments you receive from long-term care insurance as “income.” If your income plus long-term care insurance indemnity payments exceed the income cap, then you need qualified income trusts (Miller trusts).